Quadrise plc (LON:QED), the supplier of MSAR® and bioMSAR™ emulsion technology and fuels, providing innovative lower cost and lower carbon alternatives to fuel oil and biofuels, has announced its audited final results for the year ended 30 June 2023.
The Company also gives notice that the Company’s Annual General Meeting will be held at 12 noon on 27 November 2023 at the Park Plaza County Hall Hotel, 1 Addington Street, London, SE1 7RY.
Operational Summary:
· Marine – Following the completion of key preparatory steps for the Proof-of-Concept and Letter Of No Objection (“LONO”) commercial trials on bioMSAR™ with MSC Shipmanagement during the year, Quadrise intends to conclude agreements with project stakeholders, which include a major global trading company, as soon as possible. Quadrise equipment will be installed and commissioned at the bunker terminal site ahead of the commercial-scale Proof-of-Concept and LONO trials on bioMSAR™, which are expected to commence in Q1 2024 provided the relevant permits are received in time.
· Morocco -The industrial demonstration test at the client site in Morocco is now expected to be completed in October 2023, following the installation and commissioning of a replacement pump and maintenance of the client’s commercial unit during September. The client remains supportive of the Company’s efforts to progress the commercial trial. Upon successful conclusion of the trial, the parties will enter into discussions for potential commercial supply, in addition to concluding agreements for testing at other client sites as required.
· Utah – Valkor Technologies LLC (“Valkor”) has informed the Company that it expects to conclude project financing relating to their primary project site at in Utah in Q4 2023. Provided a minimum of US$15 million is successfully raised, Valkor will pay Quadrise US$1.0 million under the terms of the Site License and Supply Agreement signed in June 2023. The Agreement was amended in August 2023 in order to remove conditionality with regard to Valkor’s receipt of drilling permits. A further US$0.5 million is due from Valkor upon delivery of an MSAR® Manufacturing Unit to the project site in Utah, again, subject to Valkor’s receipt of the minimum project financing.
· bioMSAR™ – In June 2023, Quadrise signed a Joint Development Agreement with BTG Bioliquids to investigate the use of their propriety pyrolysis bio-oil (FPBO) as an alternative biofuel feedstock for bioMSAR™. In addition, Quadrise successfully produced stable blends of bioMSAR™ containing up to 40% of Vertoro’s crude sugar oil (CSO™) at pilot scale at the Company’s research facility. This demonstrated improved engine efficiency, and lower NOx and particulate emissions upon combustion when compared to conventional diesel. Further testing is also ongoing with other biofuels suppliers.
Financial Summary:
· Loss after tax of £3.1m (2022: £2.6m), of which of £1.7m (2022: £1.5m) is attributable to production and development costs and £1.3m (2022: £1.4m) relates to administrative and corporate expenses.
· Total assets of £5.0m as at 30 June 2023 (2022: £8.0m).
· Cash balances as at 30 June 2023 of £1.3m (2022: £4.4m). An additional £1.94m (gross) was raised in July 2023 via a placing and open offer.
· Cumulative tax losses of £62.1m (2020: £60.0m) potentially available for set-off against any future profits.
Jason Miles, Chief Executive Officer of Quadrise, commented:
“The decarbonisation of the energy sector continues to advance during a period of escalating energy costs, increasing legislation and pressure to reduce emissions and control global warming.
Against this background, Quadrise is positioning itself to be one of the key decarbonisation solution providers in this rapidly changing global energy market.
Whilst progress across each of the Company’s key projects during the period has been at a slower pace than we had initially envisaged, important milestones for each are now nearing. Agreements covering our commercial vessel trial with MSC and other stakeholders are expected to be signed in Q4 2023, with the trial itself planned to commence in Q1 2024. Supply of our first MSAR® site license and equipment to Valkor in Utah is expected in Q4 2023, pending successful conclusion of Valkor’s project financing. Following the installation of an alternative pump, the MSAR® and bioMSAR™ commercial trial in Morocco is due to conclude before the end of October 2023.
We continue to invest and collaborate in research and development to enhance our IP portfolio and future opportunities, evidenced by our patent applications and the continuing advancement of bioMSAR™ and bioMSAR™ Zero with a growing number of partners in the renewable fuel sector.
We look forward to the important period ahead during which we expect to make significant progress in commercialising our innovative fuel technology.”
Notice of Annual General Meeting
The Company’s Annual General Meeting (“AGM”) will be held at 12 noon on 27 November 2023 at the Park Plaza County Hall Hotel, 1 Addington Street, London, SE1 7RY.
Chairman’s Statement
The cost of energy and the transition to secure sustainable fuels continue to be top priorities for governments, businesses and communities. During the year ended 30 June 2023, Quadrise has continued to position itself as a provider of innovative decarbonisation solutions and the Board remains confident in both the quality of the Company’s solutions and the commercial opportunities that they provide.
In July 2023, the Company announced that it had raised gross proceeds of £1.94 million via a placing of new ordinary shares in the Company and subsequent open offer to qualifying shareholders at an issue price of 1.25 pence per share. The funds raised will, together with receipts from contracted but conditional payments in respect of the Company’s Utah project with Valkor, enable the Company to continue to finance its projects through to mid-2024 and thereby to achieve further milestones that add shareholder value.
The successful completion of the fundraising under difficult market conditions demonstrated the continuing confidence of new and existing investors in the potential of our technology and its applicability to real-world problems. The result is that the current financial year is pivotal for Quadrise, with our key objectives being:
· To progress business in North America, building on a bridgehead to be established in Utah.
· To contract sources of heavy residues and glycerine for product supply outside North America.
· To be ready to scale-up our marine business following the planned completion of the trial with MSC.
Our near-term strategy remains to focus on the key projects in Morocco, Utah and with MSC, which represent the most efficient use of our financial resources and provide the fastest and most material pathways to commercialisation. Important milestones are expected to be achieved in Q4 2023 in each of these key projects:
· Following the signing of a Site License & Supply Agreement with Valkor Technologies LLC in June 2023, commercial revenues are now expected from Valkor subject to successful completion of their heavy oil project financing. This is a critical milestone in attracting new customers, investors and strategic partners. We now look forward to the commencement of Valkor’s pilot drilling operations ahead of the winter season.
· The trial with our customer in Morocco is anticipated to resume in early October 2023 after a series of technical delays caused by feed pump problems, with commercial discussions then to take place following confirmation of a successful trial.
· We also look forward to being able to update the market on the next steps with respect to fuel supply logistics for the long-awaited on-board trial of bioMSAR™ with MSC, with the finalisation of trial agreements expected in Q4 2023. The 4,000-hour trial is planned to start in Q1 2024.
Looking further ahead, we continue to develop the next generation of bioMSAR™ fuel and energy delivery technologies, with the goal of producing a commercially competitive net-zero product before 2030.
The year ended 30 June 2023 could be characterised as one of continued strategic and operational progress, but without a breakthrough. Each of our projects has several moving parts, and the management task is significant in bringing the Company to an inflexion point. However, we hope to see the results of progress to date come to fruition during the final quarter of 2023. The Board remains active in evaluating strategic initiatives that would de-risk and/or facilitate the delivery of our key objectives set out above, such as M&A activity, joint ventures or other strategic partnerships. As I stated last year, our ambitions for the business are limited more by the availability of financial and operational resources than by the scale of the significant opportunities that the Company can address.
The Board remains committed in its determination for the Company to deliver on its strategic objectives and together with management, we look forward to driving the business into commercial revenues and generating value for our shareholders, whom I thank for their continued support and engagement throughout the year.
Results for the Year
The consolidated after-tax loss for the year to 30 June 2023 was £3.1m (2022: £2.6m), with the loss per share for the year increasing to 0.22p from 0.18p in 2022. Production and development costs of £1.7m (2022: £1.5m) comprise the costs of the Group’s R&D facility (‘QRF’ in Essex), its operational staff and consultants, and ongoing bioMSAR™ and MSAR® development costs. These costs are largely related to fixed costs with the increase due to bioMSAR™ development and testing costs.
Administration expenses of £1.3m (2022: £1.4m), comprise the Group’s corporate staff and directors’ costs, professional advisor fees, PR/IR costs and head office costs.
At 30 June 2023, the Group had total assets of £5.0m (2022: £8.0m). The most significant balances were cash of £1.3m (2022: £4.4m), intangible assets of £2.9m (2022: £2.9m), and property, plant and equipment of £0.4m (2022: £0.4m). The Group has tax losses arising in the UK of approximately £62.0m (2020: £60.0m) that are potentially available to be carried forward against any future profits.
Andy Morrison
Non-executive Chairman
29 September 2023
Chief Executive’s Statement
Introduction
The global energy industry faces mounting pressure to reduce carbon emissions whilst delivering practical and cost-efficient energy solutions to consumers. In recent times, escalating energy prices have emerged as significant contributors to global inflation, exacerbated by the ongoing Ukraine conflict and Russian sanctions. Simultaneously, there is a crucial global goal to halve greenhouse gas (“GHG”) emissions by 2050, a target set by the IPCC to mitigate the severe consequences of climate change.
Addressing the Maritime Decarbonisation Challenge
The shipping sector is responsible for roughly 3% of global GHG emissions. The sector is under increasing scrutiny from European regulators who are encouraging maritime operators to explore lower-carbon and eventually net-zero alternatives. These include longer-term options such as green hydrogen, ammonia, and methanol, with each of these demanding substantial investments and posing logistical and safety challenges. While several lower-carbon and potentially net-zero solutions are in development, these are not yet ready for widespread adoption. Implementation will require significant investment, either in retrofitting existing fleets or the building of new vessels and the logistical challenges of delivery should not be underestimated in the context of currently reduced global ship building capacity.
Revolutionary Quadrise Technology
Our patented Quadrise technology offers a practical and cost-effective path for operators in the marine, industrial, and power sectors to decarbonise, reduce energy costs, and lower associated emissions safely. MSAR® reduces fuel consumption in diesel engines by up to 10% and simultaneously lowers GHG emissions by the same margin. By incorporating renewable glycerine to produce the economical bioMSAR™, we can further reduce GHG emissions by over 20%. The Quadrise solutions are readily available, utilising existing infrastructure to achieve cost savings and GHG reduction. bioMSAR™ outperforms LNG and FAME marine fuel blends in terms of lower CO2 emissions per unit of energy. Other bioMSAR™ benefits include its water dispersibility, improved safety, and biodegradability.
Immediate and Future Deployment
Our technology is ready for rapid deployment, delivering immediate benefits as we transition towards net-zero fuel solutions, which may become mandatory as early as 2030. To seize this opportunity, we have established an R&D strategy, leveraging our innovative and adaptable technology. We are collaborating with fellow innovators in the sustainable fuel sector to expand our portfolio of lower-cost, renewable, and abundant biofuel components. As an example, we are formulating a bioMSAR™ blend with Vertoro BV, producers of a crude sugar oil (“CSO™”). Diesel engine testing of this blend at Aquafuel is set to conclude in Q4 2023. Additionally, Quadrise has entered into a Joint Development Agreement with BTG Bioliquids to explore the use of their ‘FPBO’ biofuel, derived from agricultural and sawmill waste, alongside other related net-zero R&D activities.
Ongoing Projects
Our core projects encompass the marine, upstream, and industrial sectors, with further projects in the pipeline for downstream and power plant applications. Our current focus is on demonstrating MSAR® and bioMSAR™ technology at a commercial scale, progressing these opportunities into commercial supply agreements.
The demand for scalable and certified low or zero-emission shipping services is evident in the historic tender recently issued by an alliance of freight buyers including Amazon, IKEA, Philips and over 20 other major global companies. The RfP (Request for Proposal) launched by ZEMBA (Zero Emission Maritime Buyers Alliance) seeks bids with sufficient capacity to move 600,000 containers over 3 years on ships that offer 90% reduction in GHG emissions compared to traditional fossil fuels. This is further evidence of the demand for our technology solutions and the concerted industry effort to accelerate decarbonisation in shipping.
MSC – A framework agreement with MSC Shipmanagement (“MSC”) was signed in July 2022 to test and trial both of our economical, cleaner marine fuel and biofuel alternatives on their container vessels. Quadrise is excited to be collaborating with MSC to decarbonise the largest container ship fleet in the world as they lead the way in advancing the marine sector’s transition towards a net-zero future.
A number of preparatory steps have been completed by stakeholders prior to commencing the Letter Of No Objection (“LONO”) fuel trials of both bioMSAR™ and MSAR® on board the MSC Leandra:
· Wärtsilä Services of Switzerland carried out optical combustion and engine wear tests on bioMSAR™ in December 2022.
· The emulsion fuel booster unit was inspected, upgraded where necessary, and tested in readiness for use.
· The vessel was fully inspected by MSC and installed with equipment designed to reduce emissions and improve vessel efficiency.
· A hazard identification and operability workshop was recently completed involving MSC, Quadrise, Wärtsilä and Lloyds Register using the framework developed for the prior use of MSAR® on the main 2-stroke engine, when the vessel was owned by Maersk.
Quadrise is progressing the fuel production and supply activities necessary for the above commercial trials, with the intention of concluding agreements with project stakeholders, which include a major global trading company, as soon as possible. Following the installation and commissioning of Quadrise equipment at the bunker terminal site, the intention is then to commence commercial-scale Proof-of-Concept and LONO trials on bioMSAR™ in Q1 2024 provided the relevant permits are received in time.
Once the initial MSAR® or bioMSAR™ fuel has been loaded and the on-board systems commissioned, the vessel will be bunkering and burning bioMSAR™ through the initial Proof-of-Concept testing phase, followed by the LONO trial, which is currently expected to be of 4,000-hour duration.
In addition to progressing this opportunity with MSC, the Company continues to assess strategic means and/or partnerships with the intention of accelerating the commercialisation of both bioMSAR™ and MSAR® for marine applications.
Utah – Our project in Utah, USA with Valkor Technologies LLC (“Valkor”) involves the use of MSAR® technology to emulsify low-sulphur heavy oil. Valkor has interests in multiple projects at the Asphalt Ridge site with anticipated oil deposits of billions of barrels. Valkor plan to recover heavy oil from oil-sand and sub-surface oil deposits at their Primary Project Site (“PPS”) at Asphalt Ridge using production methods that mitigate greenhouse gas emissions. Crucially, by using Quadrise technology, the viscosity of the extracted heavy oil is reduced, facilitating transportation whilst avoiding the use of costly diluents or excessive heat in the supply chain. The resulting MSAR® or bioMSAR™ produced is an alternative to very low sulphur fuel oil (<0.5%S “VLSFO”) or biofuels used in multiple industrial, power and marine fuel applications. Oil samples from the PPS supplied by Valkor were successfully converted to both MSAR® and bioMSAR™ by our RDI team in 2022.
Valkor is leading activities for the award of drilling permits at Asphalt Ridge as follows:
· Valkor undertook successful exploration drilling and optimisation of oil sands processing technologies during 2022.
· In December 2022, and on behalf of their project partners Heavy Sweet Oil LLC (“HSO”) and AC Oil LLC (“ACO”), Valkor submitted a pilot drilling development plan to the State of Utah’s Board of Oil, Gas and Mining (the “OGM Board”) and the permits for this were awarded subject to technical approval by the Utah Division of Oil, Gas and Mining (the “Division”).
· Once technical approval is received (expected by Valkor to be in early October 2023), Valkor plan to commence pilot drilling at the PPS in October 2023 and in parallel submit Underground Injection Control permit applications for the subsequent injection of steam for enhanced heavy oil recovery.
· Using standard well spacing of 40 acres, Valkor expect to be able to drill up to 12 wells under the pilot development plan approved by the OGM Board in December 2022 and managed by the Division, upon receipt of technical approvals as stated above.
· In addition to the pilot drilling programme, Valkor, on behalf of project sponsors HSO and ACO, applied for approval of a Unitisation Plan. This allows for up to 119 wells to be drilled at Asphalt Ridge, using a reduced well spacing of 2.5 acres. The OGM Board met in August 2023 to review the Plan, and this was, for the moment, declined. Their view was that without a producing well in place, there was insufficient evidence of heavy oil properties and sub-surface locations within the planned area to support the Plan as submitted.
· It is important to note that the OGM Board’s decision on the Unitisation plan does not impact Valkor’s intention to drill the pilot wells conditionally granted by the Board in December 2022. Pilot well drilling would then potentially support a further PPS Unitisation Plan application in due course. Valkor are also managing conventional oil sands projects for other clients that are not subject to associated approvals for drilling or Unitisation.
· Valkor are now actively seeking minimum project financing of US$15 million which is required in order to progress their activities at the PPS planned for Q4 2023.
In June 2023, Quadrise signed a Site License and Supply Agreement (“SLA”) with Valkor. Under the SLA, Quadrise has granted Valkor the exclusive right and licence to use its technology at the PPS and to market the fuel on a non-exclusive basis from Utah. In exchange, Valkor will pay Quadrise US$1.0 million subject to receipt by Valkor of a minimum US$15 million of PPS project financing referred to above, which Valkor expect to receive in Q4 2023.
Further conditionality in the SLA, relating to the award by the Division of the drilling and underground injection permits for the PPS was waived by Valkor in August 2023, based on the positive progress already made on these activities. Also under the SLA, Valkor will pay Quadrise a further US$0.5 million upon delivery of an MSAR Manufacturing Unit (“MMU”) to the PPS, again, subject to Valkor’s receipt of the minimum project financing.
The Company is in regular contact with Valkor, who remain confident of receipt of the minimum project financing of US$15 million in the near term, however, until this is received there remains a risk that the aggregate US$1.5m due to Quadrise is significantly delayed or not received at all.
Following Valkor’s receipt of the MMU, Quadrise will provide engineering and other support services for a minimum of two years in exchange for a quarterly retainer of US$75,000. Valkor may then choose to purchase the technology and MMU for a further US$1.0 million.
A non-binding Heads of Agreement has also been entered into between the parties which sets out the basis on which Quadrise and Valkor will seek to agree a conditionally exclusive Sub-License Agreement to be granted to Valkor covering the state of Utah, as well as the terms on which the resulting net profit generated will be shared between Quadrise and Valkor.
Morocco – In June 2022, QIL signed a new Material Transfer & Cooperation Agreement with its client in Morocco, a major chemicals company, under which QIL will manufacture trial quantities of MSAR® and bioMSAR™ for the purpose of an industrial demonstration test at the client’s ‘Site-B’ facility. QIL will then provide the client with a written report on the efficacy of using MSAR® and bioMSAR™. Provided the client-specified deliverables regarding performance and product quality are met, the parties will enter into discussions for a potential commercial supply of MSAR® and/or bioMSAR™. In parallel with preparations for the site demonstration tests, Quadrise has completed a technical and economic feasibility study for a potential additional industrial demonstration test at a second site of the client. This additional industrial demonstration test will be subject to future agreement, once confirmed.
Following the signature of the new Agreement, volumes of MSAR® and bioMSAR™ were produced by Quadrise at a site in Europe and shipped to Morocco in Q4 2022. Due to the process of clearing a new fuel through Moroccan customs, the commencement of the MSAR® demonstration test was subject to delays, with 60mt of MSAR® and 10mt of bioMSAR™ arriving at Site B in late February 2023. Following the completion of the site engineering set up, and finalisation of the client’s production schedule, the trial formally commenced in May 2023.
Cold start-up of the client’s commercial unit was carried out and the initial unit combustion warm-up sequence was tested using MSAR® fuel. Whilst running at 100% load a mechanical component in the pumping and heating unit (“PHU”) failed progressively. This reduced the available unit load achievable from the burner, and it became impossible to complete the testing during May as originally planned. The parties agreed to pause the trial so that the client could complete their scheduled production run, and the respective pump could be replaced. Unfortunately, it was not possible to complete the test at full load due to a progressive decline in replacement fuel pump performance on several occasions during August 2023, indicating a design issue with the pump units at high pressure.
A replacement pump of alternative design from a new supplier has been expedited to Morocco, installed in the PHU, and commissioned by the Quadrise team. The trial is now expected to be completed in October 2023, following maintenance of the client’s commercial unit where the testing was carried out in September. The client remains supportive of the Company’s efforts to resolve this final issue and progress the commercial trial at the next available opportunity.
Upon successful conclusion of the trial, the parties will enter discussions for potential commercial supply, in addition to concluding agreements for testing at other client sites as required. Commercial supply will be dependent on the Company being able to source appropriately situated and priced feedstock.
Other projects – QIL signed a Letter of Intent in Q1 2023 with a central American power provider outlining our mutual intent for a commercial test of MSAR® and bioMSAR™ at the provider’s power plant, with the conclusion of a Test Agreement and site trial being the precursors for entry into a Fuel Supply Agreement. Discussions are ongoing and we originally expected agreements to be finalised during Q4’23. However, the region is experiencing a significant and extended drought that is forcing the electricity sector into an ongoing emergency situation as hydroelectric dams are generating less power, and all other power plants are running at full capacity in order to close the gap. Therefore, the opportunity to conduct a site trial is delayed. Together with our local agents, we continue to explore other opportunities in the region. Efforts continue to progress activities in Mexico with the state oil company (Pemex) and utility operators.
In December 2022, Quadrise received and successfully commissioned our prototype 5 tonne per hour emulsion system that will be used for the production of MSAR® and bioMSAR™ fuels for site trials and potential ‘blend-on-board’ (“BoB”) testing on marine vessels. BoB involves installation of an MSAR® Manufacturing Unit (“MMU”) and associated equipment on board a marine vessel, with MSAR® and bioMSAR™ produced on board. This allows vessels additional routing flexibility as well as simplifying the MSAR® and bioMSAR™ supply chain. A joint patent application with Nouryon was filed in April 2023 covering BoB. Quadrise has received enquiries from a number of marine operators regarding BoB which are in the scoping phase of project development and BoB is also under investigation as part of the MSC framework agreement. QIL is currently in discussions with a refinery in Asia who are interested in using this unit to conduct a refinery refuelling trial using MSAR® in advance of a potential commercial agreement.
bioMSAR™ and bioMSAR™ Zero development – During the period, Quadrise has successfully tested bioMSAR™ produced using glycerine sourced from a variety of European suppliers in advance of commercial vessel trials with MSC. In parallel the Company has been investigating alternative feedstocks to glycerine for bioMSAR™ and oil-soluble biofuels that would allow the development of a commercial net-zero version, ‘bioMSAR™ Zero’, by 2030. As part of this work, following the June 2023 signature of a Joint Development Agreement with BTG Bioliquids, their propriety pyrolysis bio-oils (FPBO) and related sugars have been tested at the Company’s research facility QRF, with successful bioMSAR™ blends being produced using the sugars. In addition, Quadrise successfully produced stable blends of bioMSAR™ containing up to 40% of Vertoro’s crude sugar oil (CSO™) at pilot scale. Engine tests of CSO bioMSAR™ demonstrated improved engine efficiency, as well as lower NOx and visible particulate emissions during use when compared to conventional diesel. A joint patent application with Vertoro was filed in August 2023 covering CSO bioMSAR™. Further testing will now take place including the Vertoro CSO and BTG Bioliquids sugars feedstocks in bioMSAR™ fuels at reputable third-party testing facilities.
Outlook
In March 2023, the Group rebranded as Quadrise plc to better align with our focus on energy decarbonisation and carbon mitigation. Our annual Sustainability Report, launched in November 2022, provides valuable insights into our environmental contributions and commitment to create a net-zero fuel by 2030.
Environmental considerations and emissions regulations are becoming ever more prominent in driving the business case for MSAR® and bioMSAR™ technology. In the United States, the Inflation Reduction Act has created a favourable environment for energy decarbonisation technologies which we look forward to capitalising upon with our partner, Valkor.
The introduction and implementation of environmental regulations, particularly in Europe, is expected to increase biofuel use in our target sectors. Shipping is now included in the EU ETS and Fit-for-55 regulations, which are expected to increase the use of marine biofuels from 2024 for most vessels operating within or near EU waters. Revenues raised in the sector via the ETS are to be reinvested into an Innovation Fund reserved for sustainable shipping, the protection of maritime habitats and for funding programmes to decarbonise the maritime sector. Additionally, subsidies are still available for renewable waste-based biofuel feedstocks such as glycerine that should enhance the attractiveness of bioMSAR™ against competing biofuels in certain bunker locations. Market conditions and trends therefore provide a favourable environment for Quadrise to progress its contract discussions and business development activities on all fronts.
During 2022-23, we have seen energy security, climate change, and fuel costs rise to the top of the policy agenda for governments and businesses alike, and the need for solutions such as ours has never been more vital. The positioning of Quadrise as an energy decarbonisation enabler is an important statement of intent to progress licence agreements and commercial-scale trials which are expected to lead to supply contracts and commercial revenues from MSAR® and bioMSAR™.
The energy sector is experiencing significant shifts, with energy security, climate change, and fuel costs taking centre stage. Quadrise remains dedicated to its mission and appreciates the ongoing support of our shareholders in seeking to shape a cleaner future.
Jason Miles
Chief Executive Officer
29 September 2023
